Greystar told LatinFinance the fund raised $100m, with insurance companies accounting for 55% of the investors, and family offices and high net-worth individuals comprising 45% of the additional investors.

Including leverage, the JV has $350m in capital for development and acquisitions. The pair said it intends to develop 1,500 units across five to seven rental properties in the communes of Las Condes, Providencia, Vitacura, Lo Bernachea, Ñuñoa, La Reina, Santiago, Macul, Peñalolén, and Huechuraba.

"Approximately half of the projects were pre-selected and some are in the process of closing," Tom Livelli, Greystar managing director told LatinFinance in an email. "The projects will include traditional urban multifamily in mid- to high-rise buildings.

"Some of the projects will have mixed uses, including retail and some office."

Fondo de Inversion Credicorp Capital Renta Residencia II follows the JV partners’ first $37m fund, which was closed in 2016. The fund is now being deployed to redevelop the former Sara Moncada clinic into a $90m apartment community in Providencia.

Greystar said its collaboration with Credicorp Capital through both funds mark its entry into the Santiago and wider Chilean real estate market.

"Greystar’s strategy is to institutionalize the country’s rental housing industry," Livelli said. "We aim to accomplish that by focusing on rental housing projects that elevate the standard of living and offer greater choice for quality housing solutions.

Livelli also said economically, renting remained a significant bargain relative to purchasing a home in Chile's capital Santiago.

"This dynamic makes the type of professional rental housing that Greystar specializes in an attractive, diverse and growing renter population," Livelli said.